Homeowners ‘struggling as rate rises bite’

Figures from mform.co.uk show that more than two million British mortgage borrowers are facing debt management difficulties as a result of the series of interest rate increases.

And the online mortgage firm is convinced that young borrowers – those aged between 18 and 34 – are most likely to feel the effects of the base rate rises as they try to get a foot on the first rung of the UK’s housing ladder.

Eamonn Rice, mform.co.uk’s chief executive, said: “Many first-time buyers either use all or most of their savings for a deposit or take out 100 per cent mortgages and have loans that are a huge multiple of their income.

“In a period of rising rates, it is now especially important to shop around for a competitive mortgage.”

Earlier this year, a report from the Consumer Credit Counselling Service forecast that millions of British homeowners would be “on the rack” financially throughout 2007.

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ClearDebt proposes and administers Individual Voluntary Arrangements (IVAs). We only provide advice on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution.

David Emanuel Merton Mond is licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association.
Elaine Masters is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.